Bear Stearns CMBS Classes Downgraded

The ratings on three classes of Bear Stearns Commercial Mortgage Securities Inc.'s commercial mortgage pass-through certificates, series 2001-TOP2, have been lowered by Standard & Poor's Ratings Services.The downgrades were as follows: class G, from BB-plus to BB; class H, from BB-negative to B-plus; and class J, from B-plus to B. The certificates remain on CreditWatch with negative implications. S&P attributed the downgrades to "pending interest shortfalls due to approximately $565,000 of litigation expenses related to the 1601 McCarthy litigation that will be recovered from the trust beginning with the next payment date in June." Any additional shortfalls related to pending litigation may result in further rating actions, S&P said. The rating agency can be found online at http://www.standardandpoors.com.